TechFlow news: According to the Sing Tao Daily, Hong Kong police received a report on April 12 from a 35-year-old man who claimed that after reselling approximately HK$1 million worth of the virtual currency USDT at a shop in Tsim Sha Tsui, he failed to recover the cash payment and suspected fraud.
The Yau Tsim District Technology and Commercial Crime Unit conducted an investigation and launched operations across multiple districts in Hong Kong on May 13, arresting three local men aged between 31 and 34 on suspicion of obtaining property by deception.
Police recovered 3,000 pieces of funeral banknotes, a safe, and a banknote counter from the shop. Investigations revealed that the arrested men showed the victim fake banknotes and requested him to transfer virtual currency to a designated wallet, then refused to hand over the cash under various pretexts, causing the victim to lose approximately HK$1 million worth of virtual currency.
